New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2004 - REG 69

69 Requirements for insurance for residential flat buildings

(1) This clause applies to the following work in relation to an existing single residential flat building where the contract price (inclusive of GST) exceeds $12,000:

(a) work on the common property of the existing single residential flat building (where the building comprises strata, community scheme or company title home units),

(b) work on an existing single residential flat building if the whole building is owned by the same person.

(2) For the purposes of section 102 (3) of the Act:

(a) if the amount obtained by dividing the contract price (inclusive of GST) by the number of dwellings in the building does not exceed $12,000-the contract of insurance must provide for cover of no less than a total of $200,000, or

(b) if the amount obtained by dividing the contract price (inclusive of GST) by the number of dwellings in the building exceeds $12,000-the contract of insurance must provide cover of no less than $200,000 in relation to each dwelling in the building.

(3) In this clause:
"dwelling", in relation to a strata, community scheme or company title home unit, includes any garage or storage area that is included in the same title as the unit.
"residential flat building" means a building containing 2 or more dwellings.